Which of the following was responsible for the World Bank shifting its focus from Europe to third world nations?
A. The Great Depression
B. The Jamaica agreement
C. World War II
D. The Marshall Plan
E. The Bretton Woods agreement
72.Which of the following is true according to the provisions of the Marshall plan?
A. The United States lent money directly to European nations to help them rebuild their economies.
B. Member countries of the International Monetary Fund were free to engage in competitive currency devaluations.
C. The World Bank lent funds to reconstruct the war-torn economies of Europe.
D. Money was lent to European countries under the International Bank for Reconstruction and Development scheme and the International Development Association scheme.
E. The World Bank lent money to the International Monetary Fund so that it could finance deficit-laden countries.
73.Which of the following is true of the International Bank for Reconstruction and Development (IBRD) scheme of the World Bank?
A. Resources to fund IBRD loans are raised through subscriptions from wealthy members.
B. The interest rate charged by the World Bank is higher than the commercial banks' market rate.
C. Borrowers have to pay the bank's cost of funds plus a margin for expenses.
D. The bank avoids offering low-interest loans to risky customers whose credit rating is often poor.
E. It was established to approve currency devaluations that are beyond 10 percent.
74.Which of the following observations about the International Development Association (IDA) scheme of the World Bank is true?
A. Money is raised through bond sales in the international capital market.
B. Borrowers have up to 50 years to repay at an interest rate of less than1 percent a year.
C. IDA loans go only to European countries.
D. Grants and interest-free loans are denied to governments of underdeveloped nations.
E. The bank offers loans only to customers with a satisfactory credit rating.
75.Which of the following is being used after the collapse of the fixed exchange rate system established at Bretton Woods?
A. Clean float exchange rate system
B. Managed-float system
C. Pegged exchange rate system
D. Gold standard system
E. Dirty float system
76.The collapse of the fixed exchange rate system has been traced to the:
A. U.S. macroeconomic policy package of 1965-1968.
B. inflexibility of the fixed exchange rate system that led to high unemployment.
C. Marshall Plan, under which the United States lent money heavily to European nations.
D. failure of the International Monetary Fund to impose monetary discipline.
E. increased taxes in the U.S. to finance its welfare programs.
77.Under the U.S. macroeconomic policy package of 1965-1968, President Lyndon Johnson backed an increase in U.S. government spending that was financed by:
A. the sale of gold reserves.
B. borrowing from the International Monetary Fund.
C. an increase in the money supply.
D. an increase in taxes.
E. selling bonds in the international capital market.
78.Under the U.S. macroeconomic policy package of 1965-1968, President Lyndon Johnson backed an increase in U.S. government spending that was financed by an increase in the money supply. This resulted in _____.
A. increased exports
B. a rise in price inflation
C. increased taxes
D. a positive trade balance
E. increase in the worth of currency
79.In 1971, U.S. trade figures showed that for the first time since 1945, the United States was importing more than it was exporting. This set off massive purchases of _____ in the foreign market by speculators.
A. U.S. dollars
B. German deutsche marks
C. British pounds
D. Japanese yen
E. Chinese yuan
80.Which of the following was an announcement made by U.S. President Nixon to enable the devaluation of the dollar during the increase in inflation in 1971 in the United States?
A. The IMF member countries would adopt the gold standard to fix exchange rates.
B. The United States would no longer support the World Bank.
C. A new 10 percent tax would be charged on U.S. exports.
D. The dollar was no longer convertible into gold.
E. German deutsche marks would be the new reference currency.
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